Crypto Frontline

After raising $5.7 million in 2019, the FIO Protocol had launched its mainnet on March 26th, this year, and thanks to new development, it aims to make peer-to-peer transactions between various wallets and cryptocurrency easier for users. That’s possible with an interoperable domain name, which will be the topic of our current article.

How FIO can change the game?

Back on September 6^th, 2019, we’ve published an article about the FIO Protocol, right after raising $5.7 million thanks to Binance Labs. At that time, the huge potential of the project was highlighted and now results start to show up. More specifically, the company provides interoperable domain names instead of the traditional alphanumeric blockchain addresses. There is no direct integration with the blockchains and this is a “decentralized and open-source usability layer, that integrates with services from members of its consortium (wallet providers, crypto exchanges)” according to Cointelegraph.

The Foundation for Interwallet Operability or FIO had been created based on the idea that simplicity in needed to stimulate cryptocurrency adoption. Blockchain addresses are hard to remember and sometimes working with them could be challenging, especially for the average men on the street.

FIO provides a simplified domain name and in addition to that, a feature labeled as P2P request transfer functionality. This allows users to include private metadata (transaction purpose) in order to tag their peer-to-peer transactions.

Cryptocurrencies need to change to improve adoption?

Dapix. Inc, the company behind the initial development of the FIO Protocol, had been one of the first to notice that dealing with cryptocurrencies should be simplified in order to stimulate an increasing number of people to adopt them. Even though the simplifications brought by FIO won’t solve all the issues related to cryptocurrencies, it’s one step ahead towards a more efficient ecosystem.

Luckily, it isn’t the first company to start developing projects that promote hiding the cryptography behind cryptocurrencies. The Spanish project Easypaysy, and Bitcoinwallet.com had started to look for ways to improve the user experience by getting rid of the alphanumeric wallet addresses.

A new flow of positive news seems to be emerging in the cryptocurrency market and that supports valuations. The market had already attempted a rebound which so far manages to continue. Whether we’ll have a V-shaped recovery is still dependent on a wide range of factors and investors should remain cautious for the near term. Ideas like the ones promoted by the FIO Protocol, however, are worth mentioning and can have a massive impact over the next few years.